Gold futures on MCX were trading flat in Wednesday’s early trade at Rs 60,964 per 10 grams after hitting all-time high during the holiday-shortened trading session on Tuesday,riding on the weakness in the dollar index.
The greenback sank to its two-month low on Tuesday on poor economic data emerging in the US.
The June gold futures hit the lifetime high of Rs 61,145 per 10 grams before ending Tuesday’s session at Rs 60,984, up Rs 970 or 1.62%. Meanwhile, silver futures rose to Rs 74,700 per kg, its second-highest level ever before closing the day at Rs 74,650, up Rs 2,570 or 3.57%.
The yellow metal spot price also scaled $2025.25 in the international market, its third highest ever on Tuesday. The lifetime high is $2,075 which was hit in 2008 while the second highest peak is $2070 in March of 2022, according to commodity and currency expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities.
MCX gold futures have gained 10.74% on the year-to-date basis while 0.83% in April, Gupta informed. Meanwhile, MCX silver futures have gained 4.54% this year while rising by 3.93% in less than a week.
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